THERE may have been continuing problems in the worldwide financial markets, but many Scottish companies were bathed in the rosy light of a positive month on the stock markets.

Leading the way among the risers in the latest Insider sharewatch was British Energy, which saw its price soar by a massive 29.66 per cent over the month.

The Livingston-based company - which operates eight nuclear power stations in the UK including Torness and Hunterston B in Scotland - found itself at the centre of a £10bn bidding war among a number of Europe's biggest utilities.

Away from British Energy, both Ardana and Ramco Energy recorded impressive double-digit positive movements.

Ardana - the emerging pharmaceutical company researching products to improve human reproductive health - recorded a 26.92 per cent increase as it, too, became the subject of a possible takeover.

The firm announced in February that it was considering a takeover or merger, following on from which it was in discussions with a "significant number of interested parties".

Back in February, the company revealed it had burned through £10.4m during 2007 with a remaining cash pile of only £6.1m, described by chief executive Huw Jones as "enough cash to pursue an orderly merger".

Ramco Energy leapt 25 per cent over the four weeks covered by our report after the Aberdeen-based oil and gas explorer secured a short-term borrowing facility with LC Capital Master Fund for a total of £2m to provide additional working capital.

Dunfermline eye scanner company Optos recovered some of the previous month's losses, coming in with the fourth-largest rise of the month of 7.94 per cent.

It was helped by US retail giant Wal-Mart's announcement that it was to use equipment from Optos in its in-store optometrists.

Despite continuing problems for financial services companies caused by the worldwide credit crunch, both the Royal Bank of Scotland and Standard Life finished in positive territory - their shares rose 5.32 per cent and 4.69 per cent respectively over the course of the month.

Under a cloud

While some companies were cheering, many were down in the dumps.

Stem Cell Sciences lost a huge 40 per cent in just four weeks, continuing the fall-out from its decision to quit Edinburgh after its rent was hiked by almost 40 per cent.

The company had been one of Scotland's big hopes in the pioneering world of stem cells, which are the building blocks of other cells.

Second and third in the fallers table were Invocas and Dawson International.

Invocas - Scotland's largest personal debt solution provider - dropped an eye-watering 38.64 per cent after the company warned it expects full-year results from recurring activities to be a little below market forecasts although not below last year's levels.

Troubled cashmere and knitwear group Dawson International lost 36.84 per cent after hopes of a takeover by Chinese firm Zhongyi Cashmere Company faded.

Meanwhile, HBOS had a rollercoaster ride during the month. The banking giant saw its shares plummet by as much as 20 per cent at one stage as speculation ran rife, prompting City watchdogs to launch an inquiry amid accusations that traders were profiting from spreading false rumours.

The 20 per cent drop one was followed by a recovery of 15 per cent in one day - its biggest-ever one-day advance.

By the end of the period covered, shares in the Edinburgh-headquartered bank had lost 2.84 per cent.

'British Energy found itself at the centre of a £10bn bidding war among a number of Europe's biggest utilities'